‍The Promise and Challenges of Decentralized Science (DeSci)

Why DeSci Became a Buzzword in the Crypto Community

The rise of Decentralized Science (DeSci) is capturing significant attention within both the scientific and crypto communities. By leveraging blockchain technology, DeSci aims to democratise access to research, enhance transparency, and incentivise global collaboration, creating a more inclusive and efficient scientific ecosystem.

‍

Prominent figures in the crypto world, such as Vitalik Buterin and Changpeng Zhao (CZ), have recently underscored DeSci's potential. CZ, the co-founder and former CEO of Binance, has expressed a keen interest in biotechnology and the application of crypto technologies to accelerate research funding. 

Similarly, Vitalik Buterin, co-founder of Ethereum, envisions DeSci to enhance scientific research through decentralised technologies like blockchain and cryptocurrency. He advocates for more diverse and democratic funding mechanisms enabled by cryptocurrencies, which can address existing challenges in scientific research funding and collaboration. 

‍

These endorsements from industry leaders have amplified the buzz around DeSci, positioning it as a transformative innovation that bridges the realms of science and blockchain technology.

‍

What Is DeSci?

DeSci is a movement leveraging blockchain and decentralised technologies to revolutionise scientific research. By decentralising processes like funding, data collection, and publication, DeSci aims to democratise access to knowledge, ensure transparency, and foster global collaboration.

‍

How Is DeSci Different from Traditional Science?

Unlike traditional models dominated by institutions and intermediaries, DeSci places individuals at the heart of the research ecosystem. Its key features include:

1. Decentralisation: Reduces dependency on centralised institutions like academic publishers and funding bodies.
2. Transparency: Enables open verification of research processes, data, and findings.
3. Incentivisation: Rewards contributors, reviewers, and funders through tokenised systems.
4. Accessibility: Promotes open access to research and data for a global audience.
5. Community-driven governance: Empowers collective decision-making through Decentralized Autonomous Organizations (DAOs).

By empowering researchers and communities, DeSci aspires to create a fairer, more efficient ecosystem for scientific progress, with incentivisation as its driving force.

‍

Where Can DeSci Make an Impact?

DeSci has the potential to transform sectors where data is pivotal:

1. Education: Promotes open access to research and fosters greater transparency in knowledge dissemination.
2. Climate Science: Crowdsourced weather data can improve climate modelling and democratise access to environmental insights.
3. Environmental Monitoring: Empowers citizen scientists to track biodiversity and pollution in a transparent and verifiable manner.
4. Artificial Intelligence and Machine Learning: Enables secure data sharing, enhances traceability with blockchain, and supports open-source AI collaboration.
5. Healthcare: Enables individuals to own, share, and monetise their health data securely, contributing to advancements in genomics and medical research.
6. Psychology and Social Sciences: Supports decentralised, secure data management for sensitive research results, enhancing reproducibility and transparency.
7. Arts and Culture: Enables the tokenisation of cultural heritage to authenticate and preserve artefacts.

The above is not a comprehensive list. DeSci's transformative potential extends across countless domains.

‍

The DeSci Opportunity in Healthcare

Healthcare emerges as a natural contender for DeSci’s transformative potential due to its well-established data industry and the significant role of intermediaries. At dHealth, we have been exploring this intersection since 2018, and for the first time, we are witnessing broader discussions around its application on a larger scale.

‍

Given that most healthcare data pertains directly to individuals, it is only logical that individuals should serve as the custodians of their data - not large entities like insurance companies or hospitals. In the era of AI, transparency about data usage is paramount. Individuals must retain control and grant informed consent for data monetisation. Moreover, placing data ownership in the hands of individuals reduces the regulatory burden on researchers and data collectors, such as pharmaceutical companies, who would no longer bear the responsibility of custodianship.

‍

DeSci’s ability to integrate real-world, real-time data into research is particularly impactful in monitoring treatment outcomes. This data type is among the most valuable in healthcare as the industry transitions to outcome-based reimbursement models, which rely heavily on patient-reported data. However, unlike others in the blockchain and healthcare field, we believe drug development is not a low-hanging fruit for DeSci. The extended timelines and limited success rates for drug approvals make it a less viable target for immediate impact.

‍

A more promising application for DeSci in healthcare lies in epidemiology and disease outbreak monitoring. The COVID-19 pandemic starkly highlighted the delays in collecting and disseminating case data. Imagine a system where individuals could privately and securely report symptoms through an incentivised, privacy-preserving platform. Such an approach could provide real-time data to guide response efforts, avoiding the outdated information that plagues traditional systems. Beyond pandemics, diseases such as malaria, tuberculosis, and HIV present significant opportunities for DeSci-enabled monitoring, offering a meaningful avenue for investment and innovation.

‍

Challenges Facing DeSci

Despite its promise, DeSci must overcome significant obstacles:

1. Entrenched Gatekeepers: Existing scientific publishing and funding systems resist disruption.
2. User Onboarding: Simplified, user-friendly platforms are essential for adoption, as the current self-custody model deters many.
3. Identity Verification: Securing trust and authenticity requires robust mechanisms and proof of personhood.
4. Token Dynamics: Managing community expectations regarding token value amidst the slow pace of scientific progress is critical.
5. Corporate Engagement: Convincing corporates to adopt decentralised models remains an uphill battle.

The Path Forward

For DeSci to thrive, it must:

1. Focus on Users: Empower individuals with clear incentives, accessible tools, and ownership over their contributions.
2. Adopt Hypothesis-Driven Research: Ensure purposeful data collection guided by clear hypotheses.
3. Comply with Regulations: Navigate data privacy laws and tokenised asset regulations to avoid legal pitfalls.
4. Set Realistic Expectations: Communicate the time-intensive nature of science to build and maintain trust.

A Future Fueled by Collaboration

DeSci's potential is immense. Addressing onboarding challenges and fostering a community of active contributors can unlock transformative use cases. However, its success hinges on balancing innovation, collaboration, and realism.

Far more than a fleeting trend, DeSci represents an opportunity to redefine science while showcasing the broader potential of blockchain technology beyond DeFi.

‍

Photo by Vlad Tchompalov on Unsplash